Lending Club, one of the world’s largest online marketplace, specializing in connecting borrowers and investors, recently announced a new pilot program in partnership with Google, Inc. to facilitate low-interest financing to eligible Google partners. The program leverages Lending Club’s ability to provide access to credit in a highly automated, cost-efficient manner, and allows Google to purchase the loans, thus investing its own capital in its partner network to drive business growth. Lending Club will service these loans.
Eligible Google partners will have access to financing with low interest and no fees, investment opportunities in business development, as well as hiring additional staff and future expansion among other growth opportunities.
Renaud Laplanche, founder and CEO of Lending Club, said in an official press release: “This first of its kind program enables Google to invest its own capital in the growth of its partners. This is a new delivery model for financial services; this program opens up many possibilities for Lending Club partners to enable credit for consumers and business owners.”
Google for Work has built a network of more than 10,000 partners in recent years, including resellers, consultants, and system integrators, which help Google distribute its applications and services. The company recently launched a new incentive program for partners, boosting the rewards for top performers. The partnership with Lending Club is part of this expanded incentive program.
Currently, the pilot program is available to Google reseller partners in the U.S. who meet certain eligibility criteria. Eligible partners can obtain two-year loans of up to $600,000 to invest in growth initiatives. With an interest-only structure in the first year and a fully amortizing second year, the loan payback schedule is designed to match the cash-flow profile of growth investments.
Lending Club’s mission is to transform the banking system to make credit more affordable and investing more rewarding. The company’s technology platform enables it to deliver innovative solutions to borrowers and investors. Lending Club has been prominently recognized as a leader for its growth and innovation, including being named one of Forbes’ America’s Most Promising Companies three years in a row, a CNBC Disruptor two years in a row, a 2012 World Economic Forum Technology Pioneer, and one of The World’s 10 Most Innovative Companies in finance by Fast Company.